Solidly Explained

In the research we carried out, we discovered that Solidex is simply an optimizer designed for Solidly. Solidex helps to gather a SOLID token, which is a token from Solidly.

What is Solidex?

Solidex also helps to prepare users with the SOLID token to have a measure of liquid alternatives. Hereunder, they can earn higher yields through the protocol token that will be rewarded to them.

Although Solidex follows DeFi concepts and protocols, their token has quite an interesting name which is called “SEX”. On the same ground, their liquid token is called SolidSEX.

In Solidex, the users in charge of providing liquidity deposits their unique token into Solidex, and the goal is to earn some SOLID rewards even when they don’t trade with their token.

Also, users with SOLID lockers can as well earn a good portion of the protocol revenue with their SOLID token by providing a boost to LPs.

Moreover, the native token for Solidex is $SEX. This allows users to be able to vote in the community and also share protocol revenue as well as bribes. So while in this platform, when you lock your SEX token, you will be able to earn some trading fees as well as bribes that are being generated from the Solidex platform.

Solidex was launched on the 24th of February 2022. Meanwhile, Solidex is currently accessible by everyone interested in this token. So as you are reading this guide, you can start staking your Solidly LP tokens on this platform. Hereunder, as this platform is quite new, registered users can begin to earn SEX as well as SOLID whenever emissions kick-off.

Solidex enables Solidly liquidity providers to be able to receive some trading fees, as well as claim boosted SOLID outside locking SOLID itself.

Fantom is one of the decentralized blockchains that enables developers to build or create decentralized apps (Dapps) within the blockchain environment.

Although Fantom is similar to Ethereum, it differs in several ways. From findings, we recognized that Fantom has some extra features which make it stand out to compete with the almighty Ethereum and other related smart contracts as well.

Andre Cronje with Twitter handle @AndreCronjeTech is the key architect behind decentralized finance giant Yearn. He is among the founders of Solidex and he is the direct founder of Yearn Finance.

Also, @danielesesta on Twitter with full name Daniele Sestagalli is the lead founder of a lot of well-known DeFi protocols. Some of these popular protocols are Olympus DAO fork Wonderland (TIME).

Understanding Solidly

Solidly is an Automated Market Maker based on the well-known Uniswap v2. However, unlike Uniswap, Solidly offers users to trade with low slippage between pegged assets such as stablecoins.

Before Solidly token $SOLID was launched, it was known as ve(3,3). Moreover, Solidly Exchange, unlike other exchange platforms, is quite different because its focus is on fees rather than liquidity that other platforms focus on.

Ve (3,3) meme emerged because of bribes in Solidly. Meanwhile, this ve(3,3) resulted as a combination of ve(3,3) meme which was announced and promoted by Olympus DAO. The “ve” simply means “Vote Escrowed” and it is a mechanism of Curve Finance.

Solidly mainly exists in two forms – SOLID token that is tradable but doesn;t have any governance rights. The second one is – Vote Escrowed SOLID written as veSOLID is simply the locked state of SOLID. With veSOLID, users can easily participate in governance, sharing, and receiving the protocol revenue lock directly from their SOLID.

With this lock feature in Solidly, users can be able to earn a decent amount from their reserved SOLID token. Below shows how this lock works and the amount you can earn with it:

  • 1 SOLID for 4 years : 1 veSOLID 
  • 1 SOLID for 2 years : 0.5 veSOLID 
  • 1 SOLID for 6 months : 0.125 veSOLID 

Understanding what ve(3,3) is all about

The ve(3,3) was a popular meme that symbolizes the game theory in the Olympus DAO.

Vote Escrowed (ve) is quite a stablecoin exchange that rewards holdings through its CRV token during the long processes involved. Moreover, the holders of CRV tokens can as well have ruling rights in the protocols of this exchange.

Users who stake with CRV token will probably receive veCRV – this simply stands for Vote Escrowed CRV and it helps to increase your fees as well as your voting rights.

Since this CRV works with a time frame, the more (duration) you stake CRV, the more chances you will have to receive or obtain veCRV. Unfortunately, users are not allowed to unstake their CRV until the unstacking date is due.

In Solidex, bribes are simply ways that users can use to gain more ve-tokens for their protocol.

How do emissions and boosting work?

Solidly works in a similar fashion as Curve Finance. In a similar context, every week SOLID emissions are distributed starting from 20,000,000 a week at decay of 2% a week. In addition from week 167, emissions further decrease as the total supply reaches 1 billion SOLID. 

veSOLID holders will have the power to dictate which pools receive SOLID emissions which is incredibly valuable as it decides which pools will net the most fees for themselves. 

Just like curve again, veSOLID holders can also decide to boost their SOLID rewards. Based on the veSOLID owned by a user, they can receive nearly 2.5x more.

Also, SOLID lockers are eligible of earning up to 3.5% of the SEX when they are minted. Note: the Solidex protocol revenue is popularly known as SEX.

If you are a SEX locker, you can decide how you can earn more SOLID emissions in the future through the use of veSOLID protocols.

Also, you can earn a share of the calculated trading fees and bribes in the Solidex exchange. A SEX locker is eligible to earn liquidity provider fees which is about 5% of the total SOLID farmed by the protocol.

How does Solidex provide liquidity?

Solidex provides liquidity by bootstrapping liquidity with its SEX partners that deposit their NFTs with Solidex and in exchange gain liquid tokens SOLIDsex. Thus allowing NFT projects to distribute the liquid token among their community without the need of fractionalizing NFTs. 

From research, we find out that the first 15 NFT projects were able to deposit their NFT token with the Solidex exchange, and this occurred when the bootstrapping phase gained liquid tokens of which they were able to circulate and share to their native token communities. This as well helps to discard some situations where NFT can be divided into little pieces to be able to create illiquidity markets.

Meanwhile, this helps users to earn a proportional share of the SEX protocol token which can serve as an additional earning to their SOLIDex. Also, they can directly earn fees from the Solid protocol itself.

As of today, Solidex has some launch partners which include some protocols of Multichain, Geist Finance, Curve, Ren, yearn, veDAO, saddle, as well as ABRACADABRA.


Solidex is turning out to be an interesting and important lego part of the DeFi ecosystem. Even though Andre’s sudden announcement of leaving the DeFi world has birthed many new rumors and raised questions about the future of Solidex & Fantom. Despite all this, Solidex could certainly prove to be a successful platform for the Fantom ecosystem with its solid fundamentals as a yield generating protocol.

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Written by:  Narender Charan

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